For the men and women who put their lives on the line to defend the country, there are several financial benefits available to ensure that they and their families are well cared of. However, sometimes, those benefits are not enough. And so if you are a serviceman or servicewoman, it’s best that you get a separate veterans life insurance.
Given that life in the armed forces is full of unpredictability, you surely need a separate life insurance. With it, you can supplement whatever military benefits your loved ones will receive. It can help you guarantee that they will have everything they need even in your absence.
However, there are many fraud veteran life insurance plans for sale. If you buy any one of them, your coverage will become a casualty instead of a help. And so, before you purchase your policy, you must know first the red flags in life insurance industry. Those will lead you to the right coverage.
Below are some of the “red flags” that you must be aware of. If you encounter any of them, it’s better for you to move on to your next life insurance choice.
- Insurance agent pressuring you to rush your application and authorization to withdraw an amount from your bank account. The rush is to prevent you from checking on their company before you make any payment.
- Insurance agent coaxing you to pay in cash. A true life insurance company should give you choices as to how you will pay your coverage, either through cash or credit card. Furthermore, the agent should give you a receipt every time you make a payment.
- Life insurance company or agent with no license number. In case there is a license number available, before you sign up for any coverage, check the legality of the insurer or the agent first.
- No physical address listed. If you happen to shop for insurance online, the address is one of the things that can help you determine if the company is legit or not. The absence of it should raise your suspicion about the legality of the company.
I’ts a sad truth but like in elderly life insurance and other life insurance types, there are also scams in veterans life insurance. And if you fall into the hands of those frauds, you will put at risk the benefits that your loved ones will receive. Hence, you must familiarize yourself with the “red flags” of a fraud life insurance.
With those warnings, you can prevent becoming the scams’ victims. And with that, you can save your family from any financial crises that might follow your untimely death.
Do you know more life insurance “red flags”? Share it with us.